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US brokers suffer in soft market
US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.
30 April 2007
Competition challenges top-line for US insurers
US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
30 April 2007
ILW rates slump 30 percent, says Montpelier chief
In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.
30 April 2007
IXIS finally launches Pentelia with $600mn
It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.
30 April 2007
AmTrust buys UK insurer
AmTrust Financial Services Inc has acquired IGI Group Ltd, a small UK specialty insurer.
30 April 2007
Validus leads race to acquire Lloyd’s insurer
The Bermudian (re)insurer Validus Holdings Ltd has emerged as the front-runner to buy the up-for-sale Lloyd’s insurer Talbot Underwriting Holdings, The Insurance Insider understands.
30 April 2007
Bryce ‘flabbergasted’ by S&P downgrade
Bermudian IPCRe followed its shock Standard & Poor’s (S&P) downgrade with a strong set of first quarter results and plans for a $200mn share buyback.
30 April 2007
ACE outdoes XL on expenses as Bermudians report strong profits
Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits last week, but the companies’ performances met with a mixed response from analysts.
30 April 2007
Novae raises £100mn in debt issue
UK quoted insurer Novae Group plc has issued £100mn of medium-term subordinated notes in a move to restructure its debt.
30 April 2007
Kiln strengthens aviation team
Lloyd's insurer Kiln plc revealed last week that it had bolstered its aviation presence with the appointment of underwriter Philippe Daouphars to write a European account.
30 April 2007
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